Federal Parent (PLUS) Loans

• Federal Parent (PLUS) Loans are available to parents of dependent students
• Lender is a bank, credit union, or other private lender
• Good credit history required
• Interest rate is fixed at 8.5% effective July 1, 2006 and begins on the date of the first disbursement
• Repayment begins within 60 days of the last disbursement for the enrollment period. Parent PLUS borrowers whose loans were first disbursed on or after July 1, 2008, may defer repayment while the dependent student for whom they borrowed is enrolled at least half-time and for six months after the student ceases to be enrolled at least half-time.
• Standard time to repay is 10 years
• PLUS amounts may cover up to the cost of school less other financial aid
• To determine other aid a FAFSA must be on file
• Insurance and origination fees of up to 4% are subtracted proportionally from each disbursement
• A check for excess funds will be sent to the parent borrower

 You will need to choose a lender with whom you would like to borrow the Federal Parent (PLUS) Loan.  The lender you select now may be used throughout your college borrowing. 

There are several ways to apply for a Federal PLUS loan: on-line, by phone, or by a paper application.  After the application process is complete and the Master Promissory Note has been signed, the lender will contact the Financial Aid Office for approval and certification of the loan

Listed below is a link to help you in your lender selection process.  You have the right to choose your lender and are not required to use the lenders that are listed on our site or within the link provided.  The University’s goal is to make some good information available to you in beginning your search.

Missouri Department of Higher Education http://www.dhe.mo.gov/chooserightlender.shtml